Historic Four-Unit Duplex
For Sale
$385,000
507-509 Chestnut Street, Dubuque, IA 52001
MULTI_FAMILY - Dubuque, IA
Property Size4,480 SF
Price / SF$85.94
Days on Market95
Property Features for 507-509 Chestnut Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RES
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 1, Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 6, Bathroom 3, Basement, Bathroom 2, Bedroom 2, Bathroom 4, Bedroom 4
Parking features
On Street
Basement
Partial
Appliances
Refrigerator, Range, Dishwasher, Washer, Dryer
Subdivision
LOT 1,2W 14'3" OF 786 & ALL OF 787 A MCDANIELS SUB
Elementary school
Lincoln
Middle school
Washington Jr High
High school
Dubuque Senior
Standard status
Active
APN
1024378020 1024378019
Size
4,480 SF
Taxes and HOA fees
Tax Annual Amount
2978
Utilities
Heating system
Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1860
Floors in Building
2
Number of units
4
Building materials
Brick
Roof type
Composition
Listing Agency:
Ruhl & Ruhl Realtors
(563) 583-4550
Listed By:
Ann Williams
(563) 207-6770
Added: May 19
Changed: Jun 25
Last Checked: Aug 21 at 3:06AM
MLS# 154669
Copyright © 2026 East Central Iowa Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This four-unit duplex property includes two structures with a total of four occupied units. Built in the 1880s, it retains prominent historic character features such as rich woodwork, exposed brick, and vintage architectural details. The interior of each unit has been renovated by the current owner, with updates completed across key components including electrical systems, roofing, flooring, appliances, paint, windows, and carpeting.
The property is located in the 11th Street Historic District along Chestnut Street, with mature trees lining the setting. An upper balcony overlooks Chestnut Street. Residents have walkable access to downtown Dubuque and nearby amenities including the library, post office, seasonal farmers markets, local restaurants, coffee shops, and entertainment venues. The property is also positioned close to Loras College and major hospitals.
The layout supports buyers looking for long-term rental use, owner-occupancy with supplemental income, or alternative short-term rental use. With the renovations targeting both interior finishes and major building systems, the offering is designed to preserve original character while reducing near-term maintenance concerns for tenants and operators.
The property is located in the 11th Street Historic District along Chestnut Street, with mature trees lining the setting. An upper balcony overlooks Chestnut Street. Residents have walkable access to downtown Dubuque and nearby amenities including the library, post office, seasonal farmers markets, local restaurants, coffee shops, and entertainment venues. The property is also positioned close to Loras College and major hospitals.
The layout supports buyers looking for long-term rental use, owner-occupancy with supplemental income, or alternative short-term rental use. With the renovations targeting both interior finishes and major building systems, the offering is designed to preserve original character while reducing near-term maintenance concerns for tenants and operators.
Key Highlights
- Four‑unit duplex in the 11th Street Historic District on Chestnut Street
- Brick construction with composition roof; forced‑air heating and window unit cooling
- Each unit is occupied and has been renovated by the current owner, with recent updates including electrical and roofing
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$34,062
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.85%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$681,240
$681.2K
Cap Rate 7%
$486,600
$486.6K
Cap Rate 9%
$378,467
$378.5K
Market Conditions
NOI Build-Up for 4,480 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$64.5K $14.40/SF
− Vacancy
−$2.6K −$0.58/SF
EGI
$61.9K $13.82/SF
− OpEx
−$27.9K −$6.22/SF
NOI
$34.1K $7.60/SF
Area
Dubuque County, IA
Vacancy
4.00%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$681,240
Cap Rate 7%
$486,600
Cap Rate 9%
$378,467
Alternative Uses
Best Use
Multifamily LT 5
$539.1K
$471.7K – $628.9K
NOI $37,735 @ 7.0% cap · market cap 9.80%
Second Best
Apartment 5plus
$486.6K
$425.8K – $567.7K
NOI $34,062 @ 7.0% cap · market cap 8.85%
Theoretical Best
Specialty Retail
$871.9K
$762.9K – $1.02M
NOI $61,030 @ 7.0% cap · market cap 15.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,698
Businesses Nearby
Explore this area
Business Placement
Demographics for 52001, IA
43,572
Population
20,102
Households
2.2
Avg Household Size
36
Median Age
30%
College-Educated
92%
High-School Grad
26.1 sq mi
ZIP Area
1,669
Density / Sq Mi
$60,882
Median Household Income
$35,571
Median Earnings
$916
Median Rent
$168,900
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Renovated four-unit duplex in a historic district with updated systems and multiple unit upgrades for rental or owner-occupancy.
Where is this quadplex located?
The property is located at 507-509 Chestnut Street Dubuque, IA.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Four‑unit duplex in the 11th Street Historic District on Chestnut Street; Brick construction with composition roof; forced‑air heating and window unit cooling; Each unit is occupied and has been renovated by the current owner, with recent updates including electrical and roofing
